Jai Parvati Forge IPO

The Jai Parvati Forge Limited IPO is a book building issue consisting of a fresh issue of ₹300.00 crores and an offer for sale (OFS) of up to 90.00 lakh equity shares.

The equity shares are proposed to be listed on NSE and BSE. Beeline Capital Advisors Private Limited is the book running lead manager, and MUFG Intime India Private Limited is the registrar to the issue. Key details, such as IPO dates, IPO price bands, and lot size, are yet to be announced.

About Jai Parvati Forge Limited

Jai Parvati Forge Limited was incorporated as Jai Parvati Forge Private Limited on January 23, 2004, under the Companies Act, 1956. The company was subsequently converted into a public limited company in May 2007 and renamed Jai Parvati Forge Limited. Originally registered in Chandigarh, the company shifted its registered office to Punjab in December 2019. Headquartered in Dera Bassi, Mohali, Punjab, the company has over 22 years of operating experience in the manufacturing of forged and precision-machined automotive and industrial components.

The company operates in India's automotive components and forging industry, with a focus on manufacturing forged and high-precision machined components. Its integrated manufacturing model covers the entire production process, including design and engineering, die manufacturing, forging, heat treatment, gear manufacturing, precision machining, and finishing.

Its product portfolio comprises more than 800 active forged and machined component types, including transmission gears, bull gears, shafts, spindles, planetary gears, axle components, and hydraulic components. These products, weighing between 1 kg and 70 kg, cater to original equipment manufacturers (OEMs) and aggregate manufacturers across the tractor and agricultural equipment, commercial vehicle, off-highway vehicle, and industrial segments.

The company operates four manufacturing units, comprising three facilities in Dera Bassi, Punjab, and one facility in Baddi, Himachal Pradesh. Its manufacturing infrastructure includes automated forging press lines, air-operated hammers, induction billet heaters, and more than 300 machines supporting precision machining operations.

Its installed manufacturing capacities include 15,900 metric tonnes of forging capacity at Unit I, 16,200 metric tonnes at Unit III, and dedicated capacities for bull gears, gears and shafts, and precision-machined components across its facilities. The acquisition of D.S. Engineers, effective April 1, 2026, added another manufacturing unit with an annual machining capacity of approximately 8.63 lakh components.

Jai Parvati Forge has established customer relationships with leading domestic and international automotive and industrial manufacturers. Its customer base includes Mahindra & Mahindra Limited, International Tractors Limited (Sonalika), Escorts Kubota Limited, Ashok Leyland Limited, Tata Motors, Carraro, Graziano Transmission India Private Limited, and CNH Industrial.

The company has maintained long-standing relationships with several customers, including Mahindra & Mahindra and International Tractors Limited for over 20 years. Its products are also supplied to customers in international markets, including the United States of America, Turkey, Belgium, and Italy.

Additionally, the company has received orders from customers in Germany and the United Kingdom for various planetary gears, sun gears, helical gears, pinions, and planetary ring gear components, with scheduled deliveries extending into 2027.

Industry Outlook

• The Indian automotive forging industry’s production volume increased from 1.05 million metric tonnes in FY2021 to 1.66 million metric tonnes in FY2026, registering a CAGR of 9.6%. Growth was supported by the recovery in vehicle demand and increased production across automotive segments.
• The industry’s market value grew from ₹185 billion in FY2021 to ₹311 billion in FY2026, recording a CAGR of 10.9%. Rising steel and energy costs, vehicle premiumisation, and demand for heavier and more complex forged components contributed to this growth.
• Growth in passenger vehicles, commercial vehicles, tractors, and two-wheelers is driving demand for forged components. These components are used in critical applications such as powertrain, transmission, steering, suspension, and chassis systems.
• The adoption of the China Plus One sourcing strategy by international original equipment manufacturers has created export opportunities for Indian forging companies. India's cost competitiveness, metallurgical capabilities, and established manufacturing ecosystem have strengthened its position as a global sourcing destination.
• India has emerged as a prominent exporter of automotive and industrial forged components, with exports accounting for approximately 30% of overall forged component production in FY2026, compared with 15–20% before the pandemic. North America and Europe are key export markets.
• Increasing requirements for fuel efficiency, lower emissions, and vehicle safety are encouraging the use of high-strength and lightweight forged components. Their mechanical strength, fatigue resistance, and reliability make them suitable for safety-critical and load-bearing applications.
• The Indian automotive forging industry has an overall production capacity of approximately 2.8 million metric tonnes, with capacity utilisation of around 60%. Domestic manufacturers are also upgrading their manufacturing capabilities, supporting import substitution and reducing dependence on specialised forged components sourced from overseas.
• The industry's production volume is projected to increase from approximately 1.66 million tonnes in FY2026 to 2.2–2.6 million tonnes by FY2031, representing an estimated CAGR of 6–9%. Its market value is expected to grow from ₹311 billion in FY2026 to ₹475–525 billion by FY2031, at a projected CAGR of 9–11%.

Jai Parvati Forge IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• Partial funding of capital expenditure requirements of the company.
• Pre-payment and/or re-payment, in part or full, of certain outstanding borrowings availed by the company.
• Towards general corporate purposes.

Financial Performance of Jai Parvati Forge Limited

Jai Parvati Forge Limited Peer Details Comparison